Hard Money ONLY used WHY? Please Explain

[Michael P.]

I am currently running the numbers to try truly grasp, why hard money over conventional loan.
Besides credit and things like that, why Hard Money?

Most HM will lend up to 75% of Purchase price, or is it 75% of ARV? Because if its purchase price, that makes no sense.

Please someone make sense of this for me.

Example:
Purchase price 75k
ARV 105k

Origination at 1% min, 750.
Interest example 9%, 562.50 / Annual 6750
Plus I have to come up with a down payment?

How and why is this a good deal.